Jeffrey Fisher, chairman, president, and CEO of Chatham Lodging Trust (NYSE: CLDT), participated in a video interview in conjunction with Nareit’s REITworld: 2020 Annual Conference.
Fisher explained that Chatham’s extended stay format has led to better-than-industry-average results. He noted that in the second quarter, Chatham had the highest RevPAR (revenue per available room) of all lodging REITs, which gives optimism for 2021 because “that’s a base we can build on.”
Almost 70% of Chatham’s EBITDA (earnings before interest, taxes, depreciation and amortization) is from the upscale extended stay brands of Residence Inn by Marriott and Hilton’s Homewood Suites, Fisher explained.
Fisher noted that the extended stay format has been popular with the first responder business, as well as the National Guard, nurses, and contractors.